Florida Bank Foreclosures: What Is the Bank Responsible For?

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Talking about bank foreclosures and the lender’s responsibility to work with you made me think about other things that lenders are responsible for in foreclosure cases. Because this list covers both the time during the foreclosure process and afterward, it might seem a little disheartening to homeowners fighting to keep their home, but it’s important to note that there are built-in foreclosure defenses with some of these situations if the bank misses a step.

A skilled attorney knows what to look for, and will apply the right defenses during the foreclosure process. And if a bank’s mistake comes after your home is foreclosed upon, you and your foreclosure defense lawyer can make sure they play fair.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)

Bank Foreclosures: What the Bank Must Do

The video above points out how the bank has to work with you to mitigate damages. Additional measures involve filing the right paperwork at the right time. This is important to know because any time the bank makes a mistake, it can work out in your favor.

Notice of Default. This is the paperwork from the bank that starts the foreclosure process. Technically they can file it as soon as you miss one payment, but most banks will wait anywhere from three to six months before taking action. Besides just filing this paperwork, the bank has to notify you that it’s happening.

Notice of Sale. In bank foreclosures, once the Notice of Default has been filed (and the foreclosure is not defended) you have three months to take care of the payments you’ve missed. Fail to do this and they’ll post a Notice of Sale. This means that they send you a letter saying they’re going to sell on such and such a date, post a note on the property itself, and take out a notice in the local paper for three weeks saying the same thing.

Eviction. If someone buys the house and you are still living there, you become their problem. But if there is no buyer and the bank retains ownership, they cannot just kick you out. Bank foreclosures must then follow the eviction laws of Florida. Unfortunately, that’s only a few weeks, but with a foreclosure defense lawyer, it is possible to extend that time significantly.

Excess funds. This rarely happens, but one thing most people don’t know is that if their home manages to sell for above what they owe on the mortgage, the bank is not allowed to keep that money – they are required to pay it back to you.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)

Bank Foreclosures: Don’t Let Them Get Away with Pushing You Around

Ultimately it comes down to understanding the law and the facts of your case. There are many defenses to bank foreclosures that can keep you in your home. When you come to the Kramer Law Firm for help, our attorneys begin working on legal remedies, discovery and defenses on your behalf the minute the foreclosure process begins.

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